3. a. There is established the Invest in New Jersey Business Grant Program to be administered by the New Jersey Economic Development Authority. The program shall include an investment grant component to provide an incentive to businesses, during the current national economic crisis, to encourage capital investments by the award of grants of up to 7 percent of the qualifying capital investment made by a business in New Jersey during a limited period.

b. The Chief Executive Officer shall approve the issuance of a grant to a business that:

(1) has operated continuously for at least two years prior to filing an application for a grant;

(2) employs at least 5 full-time employees; and

(3) makes a capital investment in New Jersey after the effective date of P.L.2008, c.112 (C. 34:1B-237 et seq.) but prior to January 1, 2011.

c. A business seeking to participate in the investment grant component shall submit an application in such form as required by the Chief Executive Officer. Such application shall include such information as the officer shall determine is necessary to administer the grant program. All applications shall be submitted prior to January 1, 2011.

d. The Chief Executive Officer shall review and may approve an application for the grant program. The Chief Executive Officer shall issue payment of the grant amount pursuant to a series of scheduled payments as the Chief Executive Officer may determine and subject to the submission of proof by an approved applicant of the expenditures contributing to the capital investment. A grantee that fails to comply with a grant agreement that shall be made as a condition of a grant award shall repay any grant amount received and, if so determined by the Chief Executive Officer, shall pay a penalty not in excess of ten percent of the grant amount.

e. The value of the grant shall be 7 percent of the capital investment provided that no grantee shall receive more than $1,000,000 pursuant to this section. Provided further, that the sum of grants awarded pursuant to this section shall not exceed $70,000,000 of which not more than $20,000,000 shall be allocated for capital investment grants described under paragraph (2) of “capital investment” as defined in section 2 of this act.

f. For the purpose of determining eligibility for a grant pursuant to this section, the authority shall exclude any expenses incurred at a site for which the business is receiving a business employment incentive grant pursuant to the provisions of P.L.1996, c.26 (C. 34:1B-124 et al.), a business retention and relocation assistance grant pursuant to P.L.1996, c.25 (C. 34:1B-112 et seq.) or an urban transit hub tax credit pursuant to P.L.2007, c.346 (C. 34:1B-207 et seq.), and shall exclude any expenses covered by a retail sales purchase exemption pursuant to section 20 of P.L.1983, c.303 (C. 52:27H-79), section 25 of P.L.1980, c.105 (C. 54:32B-8.13), section 26 of P.L.1980, c.105 (C. 54:32B-8.14), section 28 of P.L.1980, c.105 (C. 54:32B-8.16), section 41 of P.L.1980, c.105 (C. 54:32B-8.29), section 45 of P.L.1980, c.105 (C. 54:32B-8.33), or section 1 of P.L.1981, c.546 (C. 54:32B-8.36).

L.2008, c.112, s.3.